Wells Fargo (WFC) Q3 2026 Earnings: EPS Up 13%, Pretax Up 3%
By Chad Hartman
Published · Last updated
Wells Fargo (WFC) reported third-quarter 2026 revenue of $21.87 billion, up 2% from a year earlier, and diluted EPS of $1.87, up 13%, for the quarter ended September 30, 2026. Pretax income rose only 3%, so most of the EPS gain came from a 5.3% smaller diluted share count and a lower tax rate. The company released results on October 13, 2026 (Form 8-K) and filed its 10-Q on October 28, 2026; the filing shows an effective tax rate of 16.4% against 18.9% a year ago, helped by $170 million of discrete benefits, and EPS 6.5% below the second quarter.
| Field | Value |
|---|---|
| Company | Wells Fargo ($WFC) |
| Quarter | Q3 FY2026, period ended September 30, 2026 |
| Earnings release | October 13, 2026 (Form 8-K) |
| 10-Q filed | October 28, 2026 |
| Revenue | $21.87 Billion (+2.0% YoY) |
| Diluted EPS | $1.87 (+12.7% YoY) |
| Operating margin | 32.5% (+0.2 pts YoY) |
| Operating cash flow (TTM) | $28.91 Billion |
| Pretax income | $7.10 Billion (+2.7% YoY) |
Wells Fargo Q3 2026 Revenue, EPS and Margins
Wells Fargo's Q3 2026 diluted EPS was $1.87, up 12.7% from $1.66 and the second-highest of the last 16 quarters, behind the $2.00 of Q2 2026. Three terms produced the gain, and the business itself was the smallest of them.
A reader who saw EPS up 13% would expect pretax income to have grown at a similar pace. Instead pretax income rose 2.7%, to $7.10 billion from $6.91 billion.
The Data: Revenue rose 2.0%: net interest income gained 5% to $12.52 billion while noninterest income fell 1% to $9.35 billion. Noninterest expense slipped 0.7% to $13.74 billion, and the provision for credit losses rose 51% to $1.03 billion. Pretax income was 32.5% of revenue, 0.2 points above last year. Net income applicable to common stock rose 6.8% to $5.70 billion, yet diluted shares fell 5.3% to 3,051.5 million, the lowest of the last 16 quarters.
Why: Had the year-ago share count of 3,223.5 million held, EPS would have been $1.77 instead of $1.87, so the smaller count added about 10 cents. The $170 million of discrete tax benefits added about 6 cents more, which leaves roughly 5 cents of the 21-cent gain to operations (all three figures derived from the filed numbers). Sequentially, EPS fell 6.5% from $2.00 and net income fell 3% from $6.16 billion. Without the share count and the tax benefit, EPS growth would have been roughly 3%.
What Wells Fargo's 10-Q Shows Beyond the Press Release
Wells Fargo's Q3 2026 effective tax rate was 16.4%, down from 18.9% a year earlier, and the 10-Q attributes the drop to higher discrete tax benefits from resolving prior-period tax matters. The 8-K led with "higher earnings, and stronger returns"; the $170 million benefit sits in one of its bullets.
The Data: Income tax expense fell 11% to $1.16 billion while pretax income rose 3%. Pretax income grew $189 million and tax expense fell $139 million, so the tax line supplied 38% of the $362 million rise in net income. The 8-K's return on average tangible common equity, a non-GAAP measure, was 16.3% against 15.2% a year ago and 17.7% in Q2.
Why: Add the $170 million back and tax expense would have been about $1.33 billion, an 18.7% rate against last year's 18.9%. The underlying rate held; the entire decline was the discrete item (derived). The provision carries the opposite swing. Wells Fargo built its allowance by $46 million this quarter after releasing $273 million a year ago, and that $319 million swing is nearly all of the $348 million rise in the provision. Credit itself held, though: net charge-offs rose 3% to $983 million, and net loan charge-offs ran at 0.38% of average loans against 0.40%. Net interest margin fell to 2.43% from 2.61%, so the 5% net interest income gain came from a balance sheet that grew faster. Two swings of opposite sign, $319 million of allowance against $170 million of tax, leave the earnings growth resting on the $567 million rise in net interest income, which the 10-Q names as the predominant driver.
Wells Fargo Q3 2026 Share Count, Buybacks and Capital
Wells Fargo's Q3 2026 diluted share count was 3,051.5 million, down 5.3% from 3,223.5 million a year earlier and the lowest of the last 16 quarters. Buybacks outran share issuance.
The Data: The 8-K reports 28.6 million shares repurchased for $2.5 billion in the quarter. Period-end common shares fell to 3,001.6 million from 3,028.5 million in Q2, a drop of 26.9 million, so issuance absorbed only about 1.7 million of the repurchase (derived). Dividends paid were $1.51 billion, the highest of the last 16 quarters, and the declared dividend was $0.50 a share against $0.45.
Why: Buybacks plus dividends took about $4.0 billion, roughly two-thirds of the quarter's $5.95 billion of net income (derived). Capital paid for it. Common stockholders' equity fell 4% from Q2 to $158.8 billion, and the common equity tier 1 ratio was 10.03%, down from 10.26% in Q2 and 10.99% a year ago, against a regulatory minimum plus buffers of 8.50%. The 10-Q describes the position as strong, and the cushion over the requirement is still 1.5 points. A per-share gain bought with a shrinking denominator spends the capital ratio, which makes that ratio the number to track alongside the share count.
How WFC Stock Has Moved After Past Earnings Reports
Over its last 12 10-Q filings, from October 31, 2023 to July 28, 2026, WFC's one-month return after filing had a median of +0.8% and was positive after 7 of 12. These figures describe how Wells Fargo's stock moved after its past filings; they are a historical association, not a forecast.
The Data: The three-month median was +5.1%, positive after 8 of 12. One-month returns ran from -8.2% (FY2025 Q4, filed February 24, 2026) to +17.7% (FY2024 Q3, filed October 31, 2024). Past Q3 filings were followed by one-month returns of +8.9%, +17.7% and -3.9%. The Q3 FY2026 filing has no returns yet because its window has not elapsed.
Why: A one-month median near zero with a span of 25.9 points means the direction of any single window has been close to a coin flip, while the three-month record leans positive. GeminIQ's Earnings Reaction Heat Map lays the record out by fiscal year.
Institutions held 75.42% of Wells Fargo at June 30, 2026, up 1.38 points from 74.04% a year earlier and the highest of the last 16 quarters. The September 30 13F filing is not yet in.
Before an EPS gain is read as growth, the filing's pretax line and share count say how much of it is.
Frequently Asked Questions
When does Wells Fargo report earnings?
Wells Fargo released its Q3 2026 results on October 13, 2026 and filed the 10-Q on October 28, 2026. Last year it filed its fourth-quarter results on February 24, 2026, a pattern in the filing record and not a forecast of the next date.
Does Wells Fargo pay a dividend?
Wells Fargo declared a dividend of $0.50 per common share for Q3 2026, up from $0.45 a year earlier, and $1.40 for the first nine months against $1.25. Dividends paid were $1.51 billion in the quarter and $5.66 billion over the trailing twelve months, up 5.6%.
Is Wells Fargo profitable?
Wells Fargo earned $5.95 billion in Q3 2026, up 6% from $5.59 billion, and $17.6 billion in the first nine months against $16.0 billion. Return on average equity was 13.8% against 12.8% a year ago, and the 10-Q reports a common equity tier 1 ratio of 10.03%.
What was Wells Fargo's revenue in Q3 2026?
Wells Fargo's Q3 2026 revenue was $21.87 billion, up 2% from $21.44 billion. Net interest income was $12.52 billion, up 5%, and noninterest income was $9.35 billion, down 1%. Nine-month revenue was $65.94 billion, up 6%.
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All financial figures cited in this article reference WELLS FARGO & COMPANY's Q3 2026 10-Q (filed October 28, 2026, period ending September 30, 2026), with guidance and management commentary drawn from the company's Form 8-K earnings release (filed October 13, 2026). All SEC filings are publicly available at SEC EDGAR and SEC EDGAR.
Disclaimer: The content in this blog is for educational and entertainment purposes only and does not constitute financial, legal, or tax advice. Investing involves risk, including the loss of principal. The views expressed are my own and not intended as financial advice or a guarantee of future performance.